2021 was, without a doubt, the year of NFTs (non-fungible tokens). And it would not be unusual for you to have heard about this new trend in the crypto world and the currency most used in this type of transaction: Ether. That is why now everyone who wants to participate in the metaverse wants to know how to buy Ethereum in order to acquire their own NFTs. Here we have that answer.
But before getting into the matter, it is important to mention that Ethereum is not only a cryptocurrency. It is also one of the blockchain platforms on which applications known as DAapps (decentralized applications) are developed.
Among many of these applications are the different markets where you can buy NFTs , for which you have to acquire Ether (ETH) tokens to make any transaction.
And while you can simply buy as many tokens as you like and store them as an investment hoping their value will increase over time, you could be missing out on the myriad possibilities the metaverse has to offer .
So before explaining step by step how to buy Ethereum, here we will give you a broader context of the platform and all the activities that you can develop on it.
What is Ethereum?
As we mentioned, more than a currency, Ethereum is a platform built on the blockchain that can be used to interact with people, ideas, companies, money, services and much more. If an item can be written in code and used with a smart contract, it can be built on Ethereum.
That is why many companies use applications on this platform to manage properties, actions, contracts, games and much more. Basically, Ethereum is taking the technology Bitcoin is based on, but making it more than just a currency.
Ethereum is a network that wants to change the way companies and people work and use the internet for all the activities they do in their real lives. And Ether is the cryptocurrency that is used to build and maintain this network.
How to buy Ether?
1. Choose a cryptocurrency exchange
To buy Ether or any other cryptocurrency, you must register with a cryptocurrency exchange platform . There are a huge number of exchanges out there today, ranging from easy-to-use systems to complex control panels for advanced traders.
Thanks to the NFT boom, Ether has become one of the most popular currencies, so you can buy it on most exchanges. Among the most used are Binance, Coinbase, Gemini and eToro. However, Ethereum is one of the few cryptocurrencies that you can also buy on Venmo or PayPal. Each platform has its own purchase fees and security measures, so it’s a good idea to do some research before choosing one and signing up.
2. Fund your account
Once you have verified your identity by creating an account on the exchange platform, you can connect it with your bank account or debit card and thus deposit the funds you want to buy Ethereum.
3. Buy Ethereum
When your account on the exchange platform has funds, you can exchange your dollars for Ethereum. Here you can enter the dollar amount you would like to convert to Ethereum and vice versa. In any case, remember that each platform charges a fee for the transaction.
4. Keep your money in a digital wallet
Although you can leave your cryptocurrencies on the exchange platform, it is advisable to store them in a digital wallet, as it is safer when making any transaction. MetaMask is one of the most popular wallets among Ethereum platforms, but there are different types with different levels of security.
What can you do with Ethereum tokens ?
- Social Media: Get paid for posts on social media.
- File Storage – Get decentralized file storage at a fraction of the price.
- Payments abroad: drastically reduce the cost of sending cash abroad.
- Payment cards: acquire contactless debit cards to pay in Ethereum and other cryptocurrencies.
- Online advertising: paying users directly to view ads online, cutting out the middleman.
- Loans: Access blockchain – backed loans with no credit check.
Ethereum is a network on which all kinds of decentralized applications (DAapps) can be built. On this platform you can manage properties, actions, contracts, games and much more services of the metaverse.
On the other hand, Ether is the cryptocurrency that is used to carry out any type of transaction on this platform. Thanks to the NFT boom, this currency has become the second most popular in the crypto universe, as most NFT markets are built on the Ethereum blockchain .
Disclaimer: (The information provided here is for informational purposes only. It is important to mention here that investing in cryptocurrencies is subject to risks. Always consult an expert before investing money as an investor. Anyone from TechPe.in Investing money is never advised here.)